The cost of real property to governments is almost inconsequential. Governments can often get loans against assets at below inflation, and usually well below the increases in real estate market value. There are many cases of municipalities that bought property, then changed their plans and resold that property for a profit, even when factoring in maintenance, legal fees, and borrowing costs.
I’m not suggesting BC purchase $600 million in housing all at once. More non-market is a medium/long-term goal. I’m just demonstrating that governments can purchase/build real property at very little cost to their budget, since you’re worried about BC misusing your tax dollars. It “costs” a lot to buy or build property but that is paid for with debt not general funds. That debt is very cheap to finance since governments typically have good credit ratings and the debt secured against assets.
I’m also not sure why you think the government would charge market rates, I never said that.
From your other comments, you seem to want a quick and simple solution to a complex problem that has been growing for decades. I agree that LVT is a good idea and would help but it’s not a solution unto itself. And your ideas about abolishing income tax are right out of the southern states; not exactly the examples we want to follow.